Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Insights - The National Energy Administration recently issued guidelines to promote the integrated development of renewable energy, indicating that since the 14th Five-Year Plan, the installed capacity of renewable energy in China has historically surpassed that of thermal power, leading to increased system absorption pressure and necessitating a transformation in the development, construction, and operation modes of renewable energy [2][4] - The guidelines aim to significantly enhance the competitiveness and reliable substitution level of the renewable energy market by 2030, focusing on aspects such as renewable energy development, industrial collaboration, diversified applications, and organizational support [2][4] - The integration and fusion development of renewable energy will drive higher demands for the digitalization and intelligence of the power grid, marking a shift in focus from "scale installation" to "systematic regulation" [10] Summary by Sections Policy and Market Dynamics - The guidelines emphasize the development of smart microgrids, vehicle-grid interaction, and integrated systems for solar storage and charging, promoting the integration of distributed resources with surrounding energy consumption [10] - The document outlines the need for improved forecasting accuracy for renewable energy generation and the development of system-friendly power plants [10] - The promotion of virtual power plants and the integration of renewable energy with emerging industries are highlighted, with a focus on exploring the dual network operation of electricity and computing power [10] Investment Opportunities - The report suggests focusing on investment opportunities in areas such as power distribution (grid digitalization, distribution network automation), electricity trading, and auxiliary energy services, as the combination of policy and funding strengthens industry trends [10]